Search This Blog

Monday, May 31, 2010

Less radical than big brother's coercion

Below are some details on a bill Ron Paul put forward that I believe is pretty interesting. The bill attempts to tackle oversized malpractice lawsuits by implementing a tax credit for purchasing malpractice insurance, establish health insurance portability and competition across state lines--currently illegal at the request of insurance lobbies (not to mention there are 5,000 U.S. health insurers that are restricted from competing across state lines), and also provide a tax credit for individual and employee sponsored health care expenses (including insurance premiums), and other "outside-the-Beltway" legislative acts.

Sounds less radical then having the government force citizens to purchase private insurance under threat of fines and imprisonment...

H.R. 5444, the “Private Option Health Care Act,” would completely repeal ObamaCare and replace it with free market solutions.

In sharp contrast to mandates and force, H.R. 5444 would:
  • Provide all Americans with a tax credit for 100% of health care expenses. The tax credit is fully refundable against both income and payroll taxes;
  • Allow individuals to roll over unused amounts in cafeteria plans and Flexible Savings Accounts (FSA);
  • Provide a tax credit for premiums for high-deductible insurance policies connected with Health Savings Accounts (HSAs) and allow seniors to use funds in HSAs to pay for medigap policies;
  • Repeal the 7.5% threshold for the deduction of medical expenses, thus making all medical expenses tax deductible;
  • Guarantee individuals can purchase health insurance across state lines;
  • Permit a tax credit for negative outcomes insurance purchased before medical treatment, reducing expensive malpractice suits;
  • Reduce barriers to importing FDA-approved prescription drugs.

1 comment: